This is just a really quick update because I don't want to repeat myself. ADA has made a run of the all time high and missed. That is not good because, like I said bulls, like to see higher highs to confirm an uptrend. So we have a descending triangle now which will almost surely be broken to the downside. If it falls, it can be held by the 2.70 support. If it is held there, it will consolidate between 2.70 and 2.83. Now, if that does not hold the price will be headed to the 2.47 support and will consolidate between 2.47 and 2.69. Like I said before, It is really not a good thing for a run on the all time high and a miss. But it's not the end of the world, we just have to wait and see what happens. Worst case scenario is the 2.47 support does not hold and the price falls to 2.2, in which it will consolidate between 2.2 and 2.47. It will not happen overnight and it will likely produce patterns along the way that I will be able to interpret.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Tell me what you think?
This is not financial advice. DYODD.
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Against all odds, ADA broke out to the upside of the pattern. ADA managed to stay put and consolidate. Truly amazing!!
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Breakout was denied, for now. I will keep an eye on this. Continue to watch the pattern and set alerts for the downside.
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Price is currently trading sideways. Therefore, buyers nor sellers can take control of the price movement at the moment. So, we have to wait for some indication of price movement.
interesting and confusing in the same time (re: your update)
is there any change in entry point?
mysticalwalrus
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@tokelopertama, I am watching it closely, I haven't entered. I would wait for confirmation. The fight between buyers and sellers at the moment is amazing!
tokelopertama
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@imnotgoodatall, glad to have you here!
mysticalwalrus
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@tokelopertama, Of course! It is 3 in the morning here, but I need to see if this pattern breaks.
theekruger
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@imnotgoodatall, You legend, I appreciate you. I'm also west coast, it's 3am and I'm tired as Frick. But. Crypto doesn't wait. Don't wanna miss the move 😭
mysticalwalrus
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@theekruger, Thank you so much! Ya I have alerts set. I will keep an eye on it!
mysticalwalrus
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@tokelopertama, The breakout failed. It is business as usual now. Set an alert on the downside just in case.
clumsyexperiencer
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@imnotgoodatall, thanks you!
Mr_H4PPY
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Would You maybe consider posting less? Like quality over quantity, less short term narrative commenting on current 1h chart dvelopment and more long term analysis/predictions explaining your general overview of the market and related strategy? When almost half of all posts on Ideas thread are Yours with multiple updates and flip-floping sentiment it becomes kinda confusing an a bit irritating.
joyfulCockatoo96516
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@Mr_H4PPY, Someone finds his updates very informative. I am a beginner and I keep checking for his updates every couple of hours so I know what to expect next. So far his analysis has been accurate.
is there any change in entry point?